London — Oil prices were steady on Monday, with concerns of a sharp economic slowdown competing with support from tighter supply due to Opec’s production cutbacks and US sanctions on Iran and Venezuela.
Concerns about a potential US recession emerged Friday after cautious remarks by the US Federal Reserve caused 10-year treasury yields to slip below the three-month rate for the first time since 2007. “Oil market-specific reports, which point to tighter supply, are preventing prices from falling any more sharply,” the bank added, noting a decline in US crude stocks and expenditure by US shale firms.“Speculators increased their net long in ICE Brent by 15,934 lots over the last reporting week, to leave them with a net long of 308,606 lots ... the largest position since late October,” ING said in a note.
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